What's more, these (non-binding) guidelines apply to some players in the mobile money space but not to others. Why regulation is so erraticThe regulators themselves have given several reasons for the rather erratic state of FinTech regulation in Uganda. So far, both the Uganda Communications Commission and the financial regulators, the Bank of Uganda and the Capital Markets Authority, have declined to take a position on whose responsibility FinTech regulation should be. With freedom comes responsibilityDespite the current patchy state of regulation in Uganda, regulators are not letting the FinTech sector have the market entirely its own way. The mobile money tax was introduced in April 2018 but, after a public outcry, was reduced to 0.5% in July 2018 and now applies only to cash withdrawals and not to mobile money deposits or transfers.

Source: The North Africa Journal September 28, 2018 06:22 UTC